Attached are the Sales and Listings Stats updated to the end of May 2015. And so it continues. The real estate market in May was just as good as our weather! If not better! Keeping pace with the sustained demand that was last strongest in 2007. Greater Vancouver saw 4,145 homes sold in May, down slightly to April at 4,264 but up from 3,331 in May 2014. That is mostly attributed to a decline in the number of listings on market with Total Active Listings at the end of May down from April – something that is not typical for a spring market. Compared to last year at this time, Total Active Listings are down 22%. Total New Listings in May were down 5% compared to April this year and down 6% compared to May 2014. Supply continues to be a constraint in the market, with too few properties coming on market and demand being too strong to keep up.

Moving forward what should we expect? Without any shock in the economy, market or demand this is likely to continue through the year with moderate price increases and conditions of undersupply. Buyer fatigue is a significant part of the market at present, with buyers facing multiple bids a number of times on properties until some find success. Pricing becomes the focus and overpaying can come from these kind of conditions. With demand continuing to be strong and supply dropping, this pattern will continue

Like most major cities, affordability remains a concern in Vancouver – but this is not new in our market. It has been a concern for decades. While our local geography prevents extensive land development, there has been a trend to increase the density within the city of Vancouver in the form of high rises. This will need to be something we see more of going forward as a better option to affordability than creating barriers in the market place. Many believe that the supply side of the equation needs the focus for policymakers as opposed to the demand side.

Greater Vancouver: Total Units Sold in May 2015 was 4,145 – down from 4,264 (3%) in April 2015, up from 3,331 (24%) in May 2014, up from 2,937 (41%) in May 2013; Active Listings are at 13,385 compared to 17,217 at this time last year; New Listings in May 2015 were down 6% compared to May 2014 and down 5% compared to April 2015; Month’s Supply of Total Residential Listings is steady at 3 Months (Seller’s Market) and a Sales to Listings Ratio of 72% compared to 55% in May 2014 and 71% in April 2015.

Vancouver Westside Residential: Total Units Sold in May 2015 was 812 – up from 811 in April 2015, up from 675 (20%) in May 2014, up from 654 (24%) in May 2013; Active Listings are at 2,401 compared to 3,103 at this time last year; New Listings in May 2015 were down 8% compared to May 2014 and down 8% compared to April 2015; Month’s Supply of Total Residential Listings is steady at 3 Months (Seller’s Market) and a Sales to Listings Ratio of 72% compared to 55% in May 2014 and 66% in April 2015.

Vancouver Eastside Residential: Total Units Sold in May 2015 was 446 – down from 467 (4%) in April 2015, up from 369 (21%) in May 2014, up from 335 (33%) in May 2013; Active Listings are at 923 compared to 1,203 at this time last year; New Listings in May 2015 were down 2% compared to May 2014 and down 2% compared to April 2015; Month’s Supply of Total Residential Listings is steady at 2 Months (Seller’s Market) and a Sales to Listings Ratio of 74% compared to 60% in May 2014 and 74% in April 2015.

North Vancouver Residential: Total Units Sold in May 2015 was 333 – down from 336 in April 2015, up from 280 (19%) in May 2014, up from 217 (53%) in May 2013; Active Listings are at 749 compared to 1,090 at this time last year; New Listings in May 2015 were down 11% compared to May 2014 and down 4% compared to April 2015; Month’s Supply of Total Residential Listings is steady at 2 Months (Seller’s Market) and a Sales to Listings Ratio of 78% compared to 58% in May 2014 and 76% in April 2015.

West Vancouver Residential: Total Units Sold in May 2015 was 141 – up from 138 in April 2015, up from 106 (33%) in May 2014, up from 100 (41%) in May 2013; Active Listings are at 615 compared to 764 at this time last year; New Listings in May 2015 were down 2% compared to May 2014 and up slightly at 1% compared to April 2015; Month’s Supply of Total Residential Listings is down to 4 Months (Balanced to Seller’s Market) and a Sales to Listings Ratio of 57% compared to 42% in May 2014 and 57% in April 2015.

Richmond Residential: Total Units Sold in May 2015 was 547 – down from 587 in April 2015, up from 405 (35%) in May 2014, up from 377 (45%) in May 2013; Active Listings are at 1,866 compared to 2421 at this time last year; New Listings in May 2015 were down 10% compared to May 2014 and down 10% compared to April 2015; Month’s Supply of Total Residential Listings is steady at 3 Months (Seller’s Market) and a Sales to Listings Ratio of 70% compared to 47% in May 2014 and 72% in April 2015.